Gold shows an increase at the beginning of the market opening.
The forex market started to be active today, gold at market opening experienced an increase marked by a bullish candlestick on the M15 timeframe since market opening. A long candlestick with almost no shadow reflects an increase in gold prices with quite high volatility.
The price of gold on Friday last week tried to rebound after previously falling to the lowest level of 2352, the gold rebound succeeded in bringing it to the highest level of 2402 at the time this news was written.
Core PCE Index data on Friday showed an actual value of 0.2%, in line with analysts' expectations of 0.2% from the previous revision of only 0.1%. The core PCE Price Index, which excludes fluctuating food and energy prices, rose 2.6% in the same period, matching May's gain but above market expectations of 2.5%.
According to the FedWatch tool, the probability of a target rate hike at the Fed Meeting on July 31 is 95.9%. The Fed's interest rate cut could push gold to become a safe-haven asset because it does not provide returns.
On the other hand, Chinese data from the People's Bank of China (PBoC) cut its benchmark interest rate from 3.45% to 3.35% and lowered the five-year loan interest rate from 3.95% to 3.85%. China's economic data is considered important because this country is the largest importer of gold in the world.
Today there is no important news on the economic calendar, it is predicted that market changes will move naturally without major impact news.
View attachment 7219
The forex market started to be active today, gold at market opening experienced an increase marked by a bullish candlestick on the M15 timeframe since market opening. A long candlestick with almost no shadow reflects an increase in gold prices with quite high volatility.
The price of gold on Friday last week tried to rebound after previously falling to the lowest level of 2352, the gold rebound succeeded in bringing it to the highest level of 2402 at the time this news was written.
Core PCE Index data on Friday showed an actual value of 0.2%, in line with analysts' expectations of 0.2% from the previous revision of only 0.1%. The core PCE Price Index, which excludes fluctuating food and energy prices, rose 2.6% in the same period, matching May's gain but above market expectations of 2.5%.
According to the FedWatch tool, the probability of a target rate hike at the Fed Meeting on July 31 is 95.9%. The Fed's interest rate cut could push gold to become a safe-haven asset because it does not provide returns.
On the other hand, Chinese data from the People's Bank of China (PBoC) cut its benchmark interest rate from 3.45% to 3.35% and lowered the five-year loan interest rate from 3.95% to 3.85%. China's economic data is considered important because this country is the largest importer of gold in the world.
Today there is no important news on the economic calendar, it is predicted that market changes will move naturally without major impact news.
View attachment 7219
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